Irish deputy governor calls for fiscal surpluses


Stefan Gerlach, deputy governor of the Central Bank of Ireland, on September 28 said European countries must begin running fiscal surpluses to reduce their levels of debt.

In the past, economies have managed to grow or inflate away debts, Gerlach said, speaking to the German-Irish Chamber of Industry and Commerce in Dublin, but these are not viable in the present climate.

While an increase in the growth rate of nominal GDP is proven to reduce debts, growth is currently shackled by the debts – a

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